The market of art dealers and galleries - Italy

The global art market experienced a significant contraction in 2020 due to the COVID-19 pandemic, with the overall value dropping to $50 billion from $64 billion in 2019, and sales volume decreasing to 31 million transactions from 40 million in the previous year. Despite these setbacks, the market has shown resilience, largely buoyed by the shift towards digital platforms. In particular, online art sales climbed, constituting 6% of total sales in 2021 and achieving a substantial $13.3 billion in value. The U.S. leads the global market with a 43% share, followed by China (20%), the UK (17%), and France (7%). The Italian art market also adapted by investing significantly in digital endeavors, with companies increasing their online transactions from 10% in 2015 to 70% in 2021. Key trends include collaborations such as the Milan Gallery Community project and a growing interest in NFTs, reflecting an innovative approach to art consumption and collection. Despite challenges posed by the pandemic, the market is navigating through a transformative phase, leveraging technology to recover and evolve..**Reshaping Trends in the Italian Art Market** In recent years, the Italian art market has undergone significant transformations, influenced by digitization and the emergence of new technologies. With a turnover generating between 1 and 1.5 billion euros and an extensive employment fabric of approximately 36,000 workers, the Italian art sector stands resilient, despite facing challenges due to the global pandemic. The market has witnessed a dramatic 132% increase in turnover for art galleries and antique dealers, growing by an impressive 279 million euros between 2011 and 2019. Art enterprises in joint stock companies have also seen remarkable growth, with a 118% increase amounting to 367.8 million euros, while auction houses observed an 82% enhancement in their turnover. Embracing the digital horizon, approximately 70% of Italian companies now report that online transactions account for at least 10% of their turnover, a significant increase from just one in ten companies in 2015. There is also a considerable shift towards upper revenue echelons, although a majority of companies remain within the 0 to 200,000 euros bracket in turnover. The ever-evolving landscape of the Italian art market is further highlighted by the rise of NFTs, with an interest in cryptocurrencies among the super-wealthy at 92%. A majority of 58% of family offices and ultra-wealthy individuals are already investing in digital assets, while 34% are considering it for their future investment diversification. Despite the pandemic's impact, resulting in an average drop of 36% in gallery turnover and a shift towards online sales (constituting 37% of turnover in 2020, up from 10% in 2019), the Italian market has shown resilience. Most notably, the collector demographic is witnessing a generational shift, with 27% being millennials, up 8% between 2018 and 2019. Institutional actors, consisting of public museums and private collections, are still influential in the art scene, albeit their number diminishing slightly between 2019 and 2021. Private collectors, primarily driven by emotional and social factors, account for a shrinking market share of collector-investors from 2014 to 2019. In conclusion, the Italian art market's growth, increasingly digital nature, and the interest in NFTs demonstrate a market in transition, embracing new technologies while remaining grounded in its strong historical and cultural heritage. This trajectory illustrates a dynamic and adaptable industry poised for future innovations and.### Leading Luminaries of the Art World: Major Galleries Shaping the Market The art market is a playground for galleries that represent the crux of creativity, curation, and commerce. These influential establishments are not merely spaces that exhibit and sell artworks; they are pivotal cultural agents that drive the narrative of art history and market dynamics. Through their discerning selection and promotion of artists, they cultivate collector communities, command attention at art fairs, and influence museum acquisitions. Three such stalwart galleries stand out for their remarkable contributions to the art scene. **Mattia de Luca Art Gallery**: Nestled in the heart of Rome, within the regal confines of Palazzo Albertoni Spinola, the Mattia de Luca Art Gallery is a beacon of modern mastery and contemporary appeal. Founded by Mattia De Luca, the gallery forged its identity and notoriety following its inception in 2020 post a joint venture with Sergio Casoli in the Casoli De Luca initiative. With a keen eye for quality and a penchant for the provocative, the gallery showcases seminal works by the iconic modernists of the 20th century as well as trailblazers in contemporary art. The gallery takes pride in representing a roster that includes luminaries like Francis Bacon, Giacomo Balla, and Lucio Fontana, juxtaposing their legendary creations with Rome's historic allure. **Contini Art Gallery**: As a haven for art aficionados, the Contini Art Gallery has carved a unique space for itself in the echelons of artistic excellence. Known for its rich array of offerings spanning a diverse spectrum of artistic expression, the gallery upholds a tradition of presenting groundbreaking exhibitions that resonate with both seasoned collectors and neophytes to the art world. With a commitment to presenting art in its myriad forms, the Contini Art Gallery stands as a testament to enduring beauty and the ceaseless evolution of the arts. **MDC Art Gallery S.p.A.**: Operating with a vision to fuse the grandeur of the past with the innovation of the present, MDC Art Gallery S.p.A. has established itself as a fortress of fine arts. This gallery's approach is holistic, favoring a diverse representation that allows the interplay of different epochs and styles to engage viewers in a dialogue with time and creativity. Its program is imbued with the passion for nurturing and heralding artists whose work leaves an indelible mark on the canvas of art history. These galleries do more than provide a space for art; they are the custodians of cultural heritage

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• Number of pages : 30 pages
• Format : Digital and PDF versions
• Last update : 30/11/2021

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